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Factors to consider when allocating budget to marketing communication can be outlined by the following: The phase in which the product or offering finds itself within the product development lifecycle (The University of Minnesota, 2015). One would want to invest more in marketing when a product is in the introduction phase vs in the decline. Additionally, one can find the Boston Consulting Group Matrix as part of the portfolio planning approach quite helpful when allocating budget to marketing communication. One will not want to sponsor a "dog" product but might want to consider marketing "cash cows" and "stars" (The University of Minnesota, 2015). Other intrinsic factors one needs to consider is to understand the different extrinsic scenarios which impact the business of the brand, specific market, and the competitors (Stokes & The Minds of Quirk, 2013). Some marketing management will consider and monitor how much the competition is spending on marketing and then will try to match that (The University of Minnesota, 2015). As stated in the introduction it is imperative that a S.M.A.R.T objective and strategy is outlined before allocating budget to marketing (Stokes & The Minds of Quirk, 2013).
When considering a digital marketing approach, it is just as important to note the reasons behind the promotion of the offering as the sale of the product or offer. Examples of certain objectives are as follow: 1) Increasing reach trying to get the name or product out there. 2) Run competitions to get people attracted to the product to earn trust.
3. Search engine optimization. 4) Lastly, feedback from the market can also be a marketing objective (Stokes & The Minds of Quirk, 2013).
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